Verde Clean Fuels(VGAS) - 2021 Q3 - Quarterly Report

IPO and Financial Proceeds - The company completed its initial public offering (IPO) on August 17, 2021, raising gross proceeds of $150 million from the sale of 15 million units at $10.00 per unit[106]. - An additional $22.5 million was generated from the full exercise of the underwriters' overallotment option[106]. - The company incurred transaction costs of $17,771,253 related to the IPO and overallotment, which included $3,450,000 in underwriting discounts[106]. - The company placed $174,225,000 in a Trust Account following the IPO, which is intended for future business combinations[109]. Financial Performance - As of September 30, 2021, the company reported a net loss of $67,295 for the three months ended, primarily due to formation and operating costs[111]. - For the nine months ended September 30, 2021, the net loss was $72,647, reflecting similar cost structures[112]. - The company had $539,610 in its operating bank account and working capital of $757,200 as of September 30, 2021[113]. Future Commitments and Financial Adjustments - A commitment letter was signed by the sponsor to provide loans of up to $1.5 million for transaction costs related to a future business combination[114]. - The company restated its financial statements to classify 1,082,716 shares of Class A common stock as temporary equity instead of permanent equity[117]. - The underwriters are entitled to a deferred underwriting discount of 3.5% of the gross proceeds upon the completion of the initial business combination[129]. Market Risk Disclosures - No quantitative and qualitative disclosures about market risk are required for smaller reporting companies[132].